Have you heard of NFC? How about Apple Pay? The future of credit card payment processing services is here.
Traditional credit card processing, where cards are swiped through a terminal, is becoming a thing of the past. Merchants can now process payments through a merchant account that is compatible with Apple Pay. This new service from Apple enables customers to pay for products or services using their iPhone, iPad or Apple Watch.
Apple Pay takes convenience to the next level for the customer with their payment processing solution. Rather than dig through a purse or wallet for their credit cards, customers can simply wave their device upon checkout as if it were a magic wand. Tada! The payment is complete.
Apple Pay uses a relatively new technology called Near Field Connectivity (NFC). NFC is a contactless connection that uses a short-range, low-power radio frequency identification (RFID) link.
The sim card in the Apple device identifies the device and transmits the data to the merchant’s point-of-sale system. In the latest iPhones, the customer does not need to open an app, or even wake up the phone for the Apple Pay payment to be processed.
The payment is securely made via credit or debit cards that the customer has set up in their Passbook App on their device. Funds for sales made with Apple Pay are transferred to the merchant account of the business.
Why Merchants Should Implement Apple Pay
Having personal information and card data clearly visible is a scary thing these days. With credit card fraud and identity theft on the rise, consumers are being increasing cautious every time they hand over a debit or credit card in a restaurant or retail store.
Apple Pay has built-in security features that make it impossible for credit card data to be compromised. Credit card account data is never shared with merchants. When the card data is entered into Passbook by the user, it is assigned a unique device account number. It is then encrypted and stored on the device.
If you are a merchant, now is the time to get on board with this new technology. In addition to convenience for your customers, merchants that are set up with an Apple Pay compatible merchant account can provide peace of mind to their customers that prefer this new technology.
Many businesses throughout the United States are beginning to adopt this new technology, and customers seem to love it. Even McDonalds is on board, offering Apply Pay service to customers in their drive-thru lines.
How to Set Up Apple Pay
Not all credit card processors have the ability to work with Apple Pay. In order for a business to implement Apple Pay, they must have a merchant account that is compatible with this new technology, and a NFC terminal.
At the Transaction Group, we are at the leading edge of the merchant account industry. Since 2004, we have been assisting all types of businesses with their credit card processing needs. Our expertise and banking relationships ensure that merchants are set up with the services that are right for their specific requirements.
Whether you are just starting your business and are interested in an Apple Pay compatible merchant account, or are an established business with processing services in place, we’d be happy to help.
And for a limited time, we are offering EMV merchant account terminals that have built in NFC technology for FREE with a merchant account placement. A $500 value!
Call today to get set up with an Apple Pay compatible merchant account and get your free NFC terminal!